Funding Your New Product Introduction

Often, one of the biggest obstacles inventors face in trying to bring their invention to new product introduction is funding. From patent and attorney fees to developing prototypes and marketing, it takes a considerable budget to bring an invention to fruition. Community of Science (COS) has grants programs for research and development as does the Defense Department's SBIR and STTR programs, the Department of Energy (DOE) grants, the National Institute of Health grants, and SBA procurements and grants hot list. Research any and all funding sources very carefully for both their legitimacy and to ensure you meet their guidelines. If you wish to go the entrepreneurial route with your invention, funding for business start-ups include venture capitalists and the SBA.